Ireland’s housing crisis intensifies with nearly four new residents for every new home built
Ireland’s housing crisis deepens as nearly four new residents move in for every new home built. The country faces an alarming rate of nearly four new residents for every new home built. This makes Ireland the worst performer among nine high-income countries analysed.
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The report compares Ireland with nations like the US, Canada, Australia, and the UK. John Ring, Savills’ director of research, attributes Ireland’s dire situation to a delayed population boom, high migration, and legacy issues from the Celtic Tiger era.
Ireland’s housing crisis deepens as soaring property prices prompt urgent calls for policy change
Current figures from the Central Statistics Office (CSO) reveal that residential property prices have surged by 8.6% over the past year. In Dublin, prices have risen even more sharply, up 9.3%. The median price for a home nationwide is now €337,500, with Dublin averaging €451,000.
Experts like Rory Hearne and Sinn Féin’s Eoin Ó Broin criticise the government’s approach, arguing that it fails to address the rapidly rising prices and growing affordability gap.
Analysts suggest that despite expected increases in housing supply, prices may continue to rise, potentially exceeding forecasts. The Government’s Housing for All strategy aims to build 33,000 homes annually, but the Economic and Social Research Institute suggests that up to 53,000 new homes may be needed each year to meet demand.
The housing market remains volatile, with urgent calls for a radical shift in policy to tackle the crisis effectively.
